TOBACCONIST FAILS

Sun (Auckland), Volume II, Issue 390, 26 June 1928, Page 12

TOBACCONIST FAILS

VENTURE IN PARNELL , I “CREDITORS WILL BE PAID” “I am determined that all my creditors will be paid. I trust time will be granted to enable me to correspond with my people in Scotland so that all my creditors will receive satisfaction,” said David Herbert Greig, bankrupt tobacconist, of Parnell, in his statement presented at a meeting of creditors to-day. Mr. G. N. Morris, official assignee, presided, and Greig’s assets were listed at £667 17s Sd, and unsecured creditors at £l9l Ss Bd. Secured creditors’ amounts were £3B 3s 6d, and the stated estimated surplus reached £476 9s. Greig started business in Parnell Road as hairdresser and tobacconist in March, 1927. Business fluctuated and he attributed his failure to the price-cutting in the tobacco trade in Newmarket and elsewhere in Auckland, to 7 o’clock closing, as trade was generally brisk between 7 P-m. and S p.m., to city buses being taken off the Parnell district, sending the public by a different route; to the failure of the business to come up to expectations and to his inability to re-let on his lease of adjoining premises, where the rental was heavy. It was stated for bankrupt that £6OO was a sum expected from Scottish estates. He had been receiving about £2OO a year from these, but no difficulty was expected in securing the sum with careful handling with his relatives at Home. Greig told the assignee that he was not experienced when he took up the trade and first found things were not what they should have been in November. “You have been inexperienced and have been foolish to carry on,” decided Mr. Morris. The meeting was adjourned indefinitely to see what can be done with the trust money in Scotland.